Oct 10, 2005
Only the top one% of all taxpayers had increases in income that were greater than the rate of inflation in 2003. Everyone else saw their incomes lose ground to inflation.
These were the conclusions of a new study on wealth in the United States, organized by Edward Wolf, an economist at NYU. Among other things, Wolf also showed that the richest one-tenth of 1% of the population, just 129,000 taxpayers, had more income in 2003 than the entire poorest third of the U.S. population, over 43 million taxpayers.
People often say they feel they are getting poorer. It's not just a feeling.